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BREAKING: BofA Pays Nearly $17B In Record US Mortgage Deal

Bank of America Corp. on Thursday agreed to a $16.65 billion settlement with the U.S. Department of Justice that will resolve claims that the bank and two of the companies it picked up during the financial crisis engaged in faulty lending during the housing boom years, marking the largest settlement related to the 2008 financial crisis.

  • RBS, German Bank Reach Accord In $243M Mortgage Bond Row

    Landesbank Baden-Wuerttemberg has reached an agreement in principle with a unit of The Royal Bank of Scotland Group PLC to end litigation over alleged misrepresentations the Scottish bank made about some $243 million worth of mortgage-backed securities certificates it sold to the German lender, an attorney for the plaintiffs said Wednesday.

  • Antitrust Worries Derail $9B Family Dollar Counterbid

    Family Dollar Stores Inc. on Thursday spurned an $8.9 billion offer from rival Dollar General Corp., saying "significant antitrust issues" made an earlier deal proposition — an $8.5 billion tie-up with another discount retailer, Dollar Tree Inc. — a better option.

  • Ex-Aeropostale Exec Gets 8 Years For $350M Kickback Scheme

    The former Aeropostale Inc. executive convicted of receiving more than $25 million in kickbacks from a clothing supplier in exchange for $350 million worth of business was sentenced Wednesday to eight years in prison by a New York federal judge.

  • Berkshire Settles US Antitrust Claims Over USG Deal

    Berkshire Hathaway Inc. will pay $896,000 for failing to give the Federal Trade Commission and U.S. Department of Justice a proper heads up before it more than doubled its stock ownership in USG Corp., assenting to the maximum possible penalty after getting off with a warning for a similar offense last year, the DOJ said Wednesday.

  • 10th Circ. Won't Halt MBS Suit Despite High Court CTS Ruling

    The Tenth Circuit has given the green light for a federal regulator to proceed in its claims against banks over $1.74 billion of soured mortgage bond deals that capsized two credit unions, saying the U.S. Supreme Court's recent CTS Corp. decision did not upend its original opinion that the suits were not time-barred.